DDM Analysis: 000887.SZ

Valuation Snapshot

Stable Growth	$93.73 - $229.22	$214.81
Multi-Stage	$33.07 - $36.22	$34.62
Blended Fair Value	$124.71
Current Price	$24.86
Upside	401.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.56%	27.40%	0.38	0.20	0.20	0.19	0.19	0.19	0.28	0.09	0.07	0.03
YoY Growth	-	-	88.50%	0.00%	8.69%	0.00%	-3.69%	-32.08%	200.01%	27.03%	117.79%	1.27%
Dividend Yield	-	-	1.98%	1.69%	1.58%	1.23%	1.86%	2.07%	2.22%	0.53%	0.30%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,506.94
(-) Cash Dividends Paid (M)	342.73
(=) Cash Retained (M)	1,164.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	301.39	188.37	113.02
Cash Retained (M)	1,164.22	1,164.22	1,164.22
(-) Cash Required (M)	-301.39	-188.37	-113.02
(=) Excess Retained (M)	862.83	975.85	1,051.19
(/) Shares Outstanding (M)	1,307.46	1,307.46	1,307.46
(=) Excess Retained per Share	0.66	0.75	0.80
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.66	0.75	0.80
(=) Adjusted Dividend	0.92	1.01	1.07
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$93.73	$214.81	$229.22
Upside / Downside	277.04%	764.08%	822.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,506.94	1,604.89	1,709.21	1,820.31	1,938.63	2,064.64	2,126.58
Payout Ratio	22.74%	36.19%	49.65%	63.10%	76.55%	90.00%	92.50%
Projected Dividends (M)	342.73	580.88	848.55	1,148.57	1,484.00	1,858.18	1,967.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	540.12	545.24	550.36
Year 2 PV (M)	733.63	747.60	761.71
Year 3 PV (M)	923.32	949.83	976.84
Year 4 PV (M)	1,109.25	1,151.91	1,195.78
Year 5 PV (M)	1,291.46	1,353.84	1,418.61
PV of Terminal Value (M)	38,643.91	40,510.43	42,448.38
Equity Value (M)	43,241.70	45,258.85	47,351.68
Shares Outstanding (M)	1,307.46	1,307.46	1,307.46
Fair Value	$33.07	$34.62	$36.22
Upside / Downside	33.04%	39.24%	45.68%

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Anhui Zhongding Sealing Parts Co., Ltd. (000887.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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